Turnover ₹ 50 Lakhs
Book Profit ₹ 1 Lakhs
Whether he has to audit his accounts or can show his income u/s 44ad i.e. 8% of Turnover
3 Replies
CA Raj Doshi
(Practising CA)
(8944 Points)
Replied 04 July 2020
If gross total income does not exceed basic exemption limit, then tax audit not required.
Amit Jain
(Proprietor )
(538 Points)
Replied 04 July 2020
But if he files Income Tax Return then what profit he will disclose Actual Profit or Profit u/s 44AD
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